Denbury is attempting to make its EOR projects more competitive by cutting costs.
Oil comprises more than 95% of Denbury’s production, which means its fortunes can change quickly when oil prices take a turn for the better--as occurred during the first quarter. Realized pricing improved even further for the company, which reported a positive differential (to WTI) of $1.70/bbl. This was driven by its exposure to Gulf Coast pricing, as LLS-WTI spreads widened considerably (and temporarily) during the period. Meanwhile, production grew to 61 mboe/d (1% higher sequentially and als...
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